Inflation Reduction Act

TheGunner

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Aug 30, 2001
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only this administration would package a deal that essentially is intended to address climate change and package it as an “Inflation Reduction”.

What part of this is intended to “reduce inflation”? Well, actually nothing…from the link below…
The study, from the Penn Wharton Budget Model, estimates the act would cause inflation to “very slightly” rise until 2024 then slide after that.

why not just call it the first green leaf of the “Green New Deal”?


From the Liar in Chief…Bidenflation. Remember, it’s just “transitory”…I guess the “Inflation Slight Uptick Act” didn’t have the ring the Democrats wanted. So let’s just call it “Reduction”. 🤡 economics from the head Bozo.

 

indyogb

Junior
Jul 7, 2001
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"Perception is reality."
I think DC has adopted this as their motto. Since the Dems biggest concern heading into the midterms is inflation, their biggest legislative action would be named this, regardless of what it does.
 

BuilderBob6

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Jan 27, 2007
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only this administration would package a deal that essentially is intended to address climate change and package it as an “Inflation Reduction”.

What part of this is intended to “reduce inflation”? Well, actually nothing…from the link below…
The study, from the Penn Wharton Budget Model, estimates the act would cause inflation to “very slightly” rise until 2024 then slide after that.

why not just call it the first green leaf of the “Green New Deal”?


From the Liar in Chief…Bidenflation. Remember, it’s just “transitory”…I guess the “Inflation Slight Uptick Act” didn’t have the ring the Democrats wanted. So let’s just call it “Reduction”. 🤡 economics from the head Bozo.

The CBO came up with essentially the same numbers. A little more positive but still saying it's not going to have the desired effect.

The CBO does ok in short term projections, not so good in long term, usually overestimating revenue.

Hopefully it does help with prescription drug costs as intended. Can't understand why the insulin cap was voted down.

It's a good thing that large corporations have to pay a minimum tax
 

Droid12345

Redshirt Freshman
Gold Member
Aug 12, 2002
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Can't understand why the insulin cap was voted down.
My understanding is it was removed by the parliamentarian as something that is not eligible to be included in a reconciliation bill, though I could be mis-remembering.
 

indy35

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Dec 14, 2006
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My understanding is it was removed by the parliamentarian as something that is not eligible to be included in a reconciliation bill, though I could be mis-remembering.
Parliamentarian did rule that it wasn't eligible, but it could have stayed in there if there were 60 votes, only 7 Republicans voted for it though, so it failed.
 

TheGunner

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Rinse and repeat with stupid politicians. Remember when Trump said his tax cuts would pay for themselves? How did that work out.

Nice topic change…”WhataboutTrump”
I find it amazing how MSM has decide not to “fact check” this bill.

But I’ll play along like Democrats…if Trump “cut taxes”..how did tax revenue increase each year he was President? (Well, because profits increase and companies paid more taxes on those increased profits and those profits get paid to individuals who are also taxed). Isn’t that similar to what the Democrats sell ? Sure the deficit went up, but the tax revenue “increased” thus, the cuts must have “paid for themselves”. At least Trump didn’t package his tax cuts as “the deficit reduction act”

U.S. Tax Revenue by Year​

Here's a record of income for each fiscal year since 1789. Tax receipts fell off during the recession but started setting new records by FY 2013.6


Fiscal YearRevenue
FY 2021$3.86 (estimated)
FY 2020$3.71 trillion (estimated)
FY 2019$3.46 trillion (actual)
FY 2018$3.33 trillion
FY 2017$3.32 trillion
FY 2016$3.27 trillion
 

Indy_Rider

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Feb 10, 2006
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Bargersville, IN
Natural gas is still one of the best ways to heat a house with the biggest advantage of it taking very little electricity to do so. Why is that important? It's not uncommon to lose power for extended periods of time due to winter storms.

So let's pass a bill that raises an essential cost for a lot of Americans with no real viable other option. Freaking brilliant.
 

TheGunner

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Aug 30, 2001
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Even Bernie Sanders agrees. A bipartisan take from “Feel the Bern”

 

ChemicalArmada

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Natural gas is still one of the best ways to heat a house with the biggest advantage of it taking very little electricity to do so. Why is that important? It's not uncommon to lose power for extended periods of time due to winter storms.

So let's pass a bill that raises an essential cost for a lot of Americans with no real viable other option. Freaking brilliant.
Not trying to start an argument here or anything but, if the power out your heater isn't going to work. The way I understand it is, many furnaces heat by forcing heated air throughout the home. No electricity, no forced air.
 

TheGunner

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Aug 30, 2001
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Wow…even NBC agrees…

The “inflation reduction” label is being used to justify a hodgepodge of special interest spending that has absolutely nothing to do with inflation.

 

Indy_Rider

Senior
Feb 10, 2006
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Bargersville, IN
Not trying to start an argument here or anything but, if the power out your heater isn't going to work. The way I understand it is, many furnaces heat by forcing heated air throughout the home. No electricity, no forced air.

It's really easy to run a furnace with a small generator as you are just powering a fan. It's also possible to do it with a battery back up unit if you want to get creative. You are essentially powering a fan.

Also, I have a gas fire place that requires no electricity.
 
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New Pal Boiler

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SIBoiler2

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It's really easy to run a furnace with a small generator as you are just powering a fan. It's also possible to do it with a battery back up unit if you want to get creative. You are essentially powering a fan.

Also, I have a gas fire place that requires no electricity.
Does your gas fireplace have a pilot or depend on an electric igniter for ignition?
 

Indy_Rider

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Feb 10, 2006
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Bargersville, IN
Does your gas fireplace have a pilot or depend on an electric igniter for ignition?
Neither, it's old and I have to light mine manually with a lighter. Keep thinking about replacing it with something newer, but at the same time, it works. Just lose the blower with electricity loss, but better than nothing. Though would be really easy to power the blower on that, could run for a long time with just one of my computer UPS units.